About CoSD Deferred Comp
The County of San Diego Deferred Compensation Program and Nationwide® have worked with public sector employees for more than 40 years, so we know the kinds of questions you may have about your plan. As a County of San Diego employee, there are retirement plans created specifically for you. We’ll give you the tools and information to help you feel confident about investing for retirement. Keep in mind that investing involves market risk, including possible loss of principal, and there’s no guarantee that investment objectives will be achieved.
The County of San Diego offers retirement plans for employees like you to put aside money from each paycheck toward retirement. These plans can help bridge the gap between what you have in your pension and Social Security, and how much you’ll need in retirement. The available plans include:
- 457(b) Traditional Deferred Compensation Plan – tax-deferred, available to all County and Court employees who receive a check through the County of San Diego
- 457(b) Roth Deferred Compensation Plan — after-tax, available to all County and Court employees who receive a check through the County of San Diego
- 401(a) Incentive Retirement Deferred Compensation Plan – tax-deferred, and available to all full-time, benefited County and Court employees
- For more information, read more about the plan types. If you would like to view official County Deferred Compensation Program Plan Documents, please call our Customer Solutions Center to receive a copy.
Check out the Plan Comparison Chart (PDF) to compare the plans.
These plans allow you to build a retirement savings account using automatic payroll deductions that go into investments you select from a wide variety of investment options and access to a Personal Retirement Consultant and Nationwide’s Retirement Specialists.
Neither Nationwide nor its representatives may offer investment, tax or legal advice. You should consult your own counsel before making decisions about County of San Diego 457(b) Plan and 401(a) Plan participation.
What does tax-deferred mean?
Basically, you don’t pay income taxes on your plan contributions or earnings until you retire and/or begin to take payments from your account. This may lower your taxable income now and in retirement.
Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
Can I combine retirement accounts?
Retirement Specialists will work with you to combine, or consolidate, your other eligible retirement accounts into your Plan. This may make managing your retirement investments a little easier.
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or a 10% tax penalty if withdrawn before age 59½.
How much can I contribute to my plan?
Check out the current contribution limits.
Get the help you need
The sooner you enroll, the more you can possibly save. Take a look at the Enrollment Checklist to see what you’ll need to have handy and enroll today!
There are three steps to participating in the County’s Plans:
Enroll in your plan – It’s easy to participate in the County’s Plan. Contributions are automatically deducted from each paycheck and deposited to your account, so you don’t have to remember to write a check.
Unless you elect the Roth option, your contributions are made with pre-tax dollars. You will pay ordinary income taxes when you withdraw from your account. Use the Paycheck Impact Calculator to see how saving pre-tax will affect your paycheck.
Invest your money – You’ll choose funds from the list of investment options available within the County of San Diego Deferred Compensation Program. The County does not match any employee contributions to the plan; therefore 100% of what is put into your account is what you have elected to contribute. Keep in mind, any investment involves risk and there’s no guarantee that any fund will achieve its investment objectives. But, we’re here to help.
Use the My Investment Planner to get a personalized retirement strategy, including recommendations for your retirement income goal, savings rate and portfolio asset mix. You’ll need to enroll in order to access this tool.
Receive income –Many County employees retire earlier than those in the private sector, and if that’s the case, you’ll want to invest enough to live in retirement on your terms. Before you begin taking payments, review our Retirement Checklist to make sure you’re ready to transition from saving to spending.
When you’re ready to receive income, these tips will help you do so wisely. Depending on the plan type you’re invested in, there may also be a 10% penalty on distributions prior to age 59½.
Get the help you need
The sooner you enroll, the more you can possibly save so talk with a Retirement Specialist . Take a look at the Enrollment Checklist to see what you’ll need to have handy and enroll today! The information they provide is for educational purposes only and is not intended as legal, tax or investment advice.
Deferred comp helps put you in control of when, where and how much you invest. And that's just the beginning—here are four more reasons why it's smart to participate in your deferred comp plan:
1. You can start anytime
The County of San Diego 457(b) Plan will work for you whether you're approaching retirement or just getting started investing – putting away money in a tax-deferred account can offer several benefits.
- See how your investment can potentially grow due to the power of time and compounding.
- Use the Future Value Calculator to see how delaying enrollment could impact your savings.
2. Every little bit helps
Even investing a little bit of money can really add up over time – it's just important to get started! And if you continue to bump up contributions on a regular basis, the overall impact to your paycheck may not seem too painful. Consider putting raises or bonuses into deferred comp – it's an easy way to invest a little more.
|Growth Period||Ending Balance|
|Deferral Per Pay||Paycheck Impact||Annual Pay Reduction||Accumulation 10 Years||Accumulation 20 Years||Accumulation 30 Years|
This table shows the cumulative value of 26 biweekly deferral amounts over 10, 20, and 30 years, assuming a compound annual rate of 7% and a 25% federal tax rate, for a single person with an annual salary of $38,000 and one deduction for federal tax purposes. Actual investment returns will vary from year to year, and the value of your account after the specified periods of years shown in the table may be less or more than the amounts shown. This illustration is hypothetical and is not intended to serve as a projection of the investment results of any specific investment. If fees and expenses were reflected, the returns would have been less.
Neither the company nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
3. This plan is made for you
Unlike other retirement plans, a 457(b) deferred compensation plan takes into account that you may retire sooner than workers in the private sector. Generally, you don’t have to worry about paying a penalty for retiring early or beginning to take income from the plan before age 59½.
Read Why Invest Now? to learn why it's smart to get started with your deferred compensation now.
4. You'll get service you can count on
Nationwide® is ready and willing to answer your questions. We've been helping public sector employees save for retirement for more than 30 years and our Retirement Specialists have helped educate thousands of employees about investing through their retirement plans. Feel free to call today — we don't charge a fee to work with a Retirement Specialist.
Read more about why the County and Nationwide is right for you.
Get the help you need
The sooner you enroll, the more you can possibly save. Take a look at the Enrollment Checklist for tips on the information you'll need to have handy and enroll today.
As a participant in deferred comp, you’ll have access to a wide range of investment options. Your investment options were selected by the County of San Diego and can help meet your retirement planning needs. Keep in mind that investing involves market risk, including possible loss of principal. As you get started in the plan, we’ll help you understand market risk and strategies that may help you deal with it.
Understand your options
The investment choices available to you fall into five major asset classes:
- Time-based funds
- Stock funds
- Bond funds
- Short-term investments
- Balanced Funds
There are five classes of stock funds we offer:
- Specialty stock
- International stock
- Small-cap stock
- Mid-cap stock
- Large-cap stock
Get the help you need
Talk to a Retirement Specialist about your investment options or learn more about how to choose funds. Information provided by Retirement Specialists is for educational purposes only and is not intended as investment advice.
It only takes a few minutes to sign up. Here are some things you'll need:
- Your employer's name or employer's ID
- Your Social Security number
- Your annual income
- Contribution amount
- Investment selections
- Read about your investment options
- Beneficiary names and Social Security numbers
Get the help you need
We'll even walk you through it. If you need more help, call one of our Retirement Specialists.